Buying a new car means a package of added expenses. Maintaining and operation costs are a part of these expenses. Sometimes, misfortune may lead to accidents that will damage your vehicle. This in turn leads to unplanned expenditure. You can avoid such expenses by purchasing cheap car insurance that provides a good cover. A high premium need not mean a good insurance cover. Getting a car insurance policy will relieve you from losses you may incur in case of an unexpected incident. Claim is a legal statement to obtain money or the enforcement of a right against another party. The legal document that carries the claim is called ‘Statement of Claim’. It can be any communication expressed in amount of money the party should pay or reimburse. While making a claim against you car insurance policy, a procedure is to be followed. You need to call the car insurance company or its representative as soon as possible. Take guidance from the representative on how to proceed and what paperwork would be required to support your claim. Your car insurance company may require a ‘proof of loss’ form along with documents relating to your claim, such as medical and car repair bills and a copy of the police report. You will need to supply the insurance company with all the documents for them to start processing your claim. Make sure you keep a record of all your expenses that incurred due to the accident which may be reimbursed under your car insurance policy. Keep copies of all the paperwork as you may need it for future reference. Filing a car insurance claim is fairly easy. It is, however, important to do it properly or else the claim becomes null and void. Voluntary Excess is certain amount of money that an insured opts to bear in case of an accident and is insured under the policy. At times, the cost of damage in an accident is low and is even less than the excess amount you have volunteered to pay. In such cases, it is not advisable to claim. But if the damage is big and the cost to repair is huge, then you should file the claim. Before repairing the damage privately, confirm the costs involved and whether it is covered by your car insurance policy. Once aware of the costs involved and the coverage, decide if the claim is required. If the damage is big and can cost you huge sum then go ahead and file the claim. However, if the cost is nominal and affordable to your pocket avoid claiming. This will save you some discount on the car insurance premium at renewal. All car insurance companies offer a no claim bonus to the policy holders who have not made any claim on there last policy. The bonus amount varies from company to company. Author Profile: Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right Car Insurance & often shares his insights about the general insurance industry on internet.
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